AGR to acquire Upstream Petroleum

Offshore staff

STRAUME, Norway --Norway's AGR Group has agreed to acquire Australia's Upstream Petroleum Pty. Ltd. for as much as $67.6 million.

Upstream will continue to operate under its own identity although on completion of the transaction it will be called AGR Upstream Petroleum.

"This acquisition will strengthen the opportunity to undertake more rig campaigns in the region, complementing our well construction operations in Australia with Upstream's field management capabilities," says Sverre Skogen, AGR's CEO. "Upstream will also enable us to further accelerate sales of our other unique high value-added technologies such as riserless mud recovery and advanced inspection and maintenance activities in the Australasian and broader South East Asian markets."

01/03/2007